Stewardship - from a financial management perspective
Presentation by
Bill Bradshaw
Acting Senior Director, Government Accounting Policy Division
Treasury Board of Canada, Secretariat
Government Accounting Policy
Issues
- Departmental Financial Statements
- Internal Control Framework
- Management of Data Quality
Departmental Financial Statements
- TBAS 1.2
- Required for past 2 years - auditable
- Audits start in 2004/05
- Using reliance on control methodology
- Statement of Management responsibility
Management Responsibility
- TBAS 1.2(c) the development of internal controls over the financial reporting process designed to provide reasonable
assurance that relevant and reliable information is produced.
Internal Control Status
- Letter to SFOs
- Sound policy base, e.g
- Comptrollership
- Active Monitoring
- Internal Audit, etc.
- OAG Pilots
- 10-15 Departments reviewed
- Only one system acceptable
- OAG Chapters 13, October 2000 and 5, December 2002
Internal Control Framework
- Will support the DM and SFO sign off
- Will adapt audit perspective
- Processing controls
- Management and Monitoring controls
Data Quality Framework
- OAG Chapter 2, April 2003
- A specific element of the Control framework
- "Fitness for use" characteristic
- Key elements:
- Accuracy, Completeness, Timeliness, Consistency, Security, Confidentiality, Integrity
Summary
- The preparation and audit of departmental financial statements will focus the attention of the DM and SFO on financial
controls and the quality of financial information available to support decision-makers.
- Due to a lot of bad press there is now a concerted effort to improve performance in this area.
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